Vault Luxury to bring Paris brand Cifonelli to India
Mumbai based retailer Vault Luxury has partnered with Paris based luxury menswear brand Cifonelli for the latter’s entry into India’s luxury fashion market.
The brand has planned trunk shows in Mumbai and Delhi to text the luxury market in the country and will open a permanent lounge next year.
Many international luxury brands are entering the lucrative luxury market in India through partnerships with local retailers. Recently, Saks Fifth Avenue which has partnered with Aditya Birla Fashion said it will open its first outlet in the country this year.
"Our arrival... is an exciting challenge. The luxury sector has a great strength, in recent years sales of luxury goods have grown faster in this country than anywhere else in the world, for what our project in India is promising,” Cifonelli CEO, Erwan Camphius said.
"Our plans are to perform Trunk Shows in the most representative cities of the country, offering our Made-to-Measure service, as well open our permanent Lounge in 2018,” he added.
According to a CII-Kantar IMRB 2016 report on luxury, the Indian luxury market is about $18.3 billion and is growing at a compound annual growth rate (CAGR) of about 25 percent so it is no surprise that global luxury brands are eyeing India as their new target for expansion
"Cifonelli brings in [a] mix of English elegance, Italian style and Parisian chic. Customers can avail Cifonelli's services by way of personal appointments, and by-invitation trunk shows," Shirrin Faarooq, Founder, Vault Luxury, said.
Launched in 1880, Cifonelli has stores in Hong Kong, USA, Tokyo, France and Istanbul but conducts trunk stores across the globe throughout the year.
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